To refute the assertions made by anti-crypto politicians that Bitcoin is contributing to global warming, a recently released working paper on Bitcoin mining has been prepared.
A new working paper was written by Bitcoin proponents and the former president of the Electric Reliability Council of Texas (ERCOT), the operator of Texas’ electrical grid. In it, they call Bitcoin mining a “critical tool” for sustainable energy and grid balancing.
According to a research published on November 22nd, “Leveraging Bitcoin Miners as Flexible Load Resources for Power System Stability and Efficiency,” the grid’s capacity to adapt to fluctuating renewable energy sources might be improved by using Bitcoin mining’s fast load response capabilities and intrinsic interruptibility.
Members of the following groups contributed to the working paper: Castle Island Ventures partner Nic Carter, Satoshi Action Fund CEO Dennis Porter, science adviser Murray Rudd, Lancium’s Shaun Connell, and the late Brad Jones, president and CEO of ERCOT.
Case studies of Bitcoin miners in Texas who participated in demand response programs and provided grid services are presented in the article. These case studies highlight the unique potential of Bitcoin miners as flexible and controlled loads.
According to the experts, this indicates that Bitcoin miners may have a significant impact on demand response, which in turn strengthens the grid’s technical and economic stability.
A number of X (formerly Twitter) watchers have noted that the paper’s results contradict claims made by anti-crypto politicians who have held Bitcoin miners responsible for excessive grid loads and energy consumption.
Senator Elizabeth Warren of the United States and six other Democrats demanded data from ERCOT in October 2022 on the amount of power used by Bitcoin mining businesses. A “crackdown on environmentally wasteful cryptocurrencies” will aid in the battle against the climate catastrophe, she said as she targeted Greenidge Generation, a mining company in New York.
“The people who RUN the grids say you’re wrong,” Bitcoin mining pioneer Marshall Long retweeted alongside Warren, tagging the article.
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